Can USD/JPY break above this key level?

August 1, 2016 09:30 AM
Elliott Wave Analysis: USD/JPY

In relation to the above chart of the U.S. 10-year Treasury note, we will now discuss the U.S. dollar/Japanese yen (USD/JPY) currency pair. After five waves up into the blue wave one, this complex move lower that unfolded we regard as the double zigzag with a possible support around the 101.40-60 zone. We believe we are now in the last stages of the second C wave and based on the U.S. 10-year Treasury notes chart, we could suggest that a reversal may be near. Break above the 105.65 level will be the first sign of a reversal on this pair and that we are going higher.

USD/JPY, 1-hour

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: